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TMI Blog2004 (7) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... 2B) refers to expenditure incurred by the assessee in the nature of entertainment. On the facts the Tribunal has arrived at a conclusion that section 37(2B) of the Act is not applicable. – No question arise from tribunal’s order – Further, in respect of machinery gifted by the Government of Australia to the Government of India, Tribunal arrived at a finding "that the Government supplied the plant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in deleting the disallowance of entertainment expenditure made by the Income-tax Officer to the extent Rs. 98,007/Rs. 47,921 in the assessment years 1974-75 and 1975-76 respectively, despite the express provisions contained in section 37(2B) of the Income-tax Act? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in confirming the order of the Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on the facts arrived at a conclusion that the expenditure incurred cannot be treated as entertainment expenditure. Section 37(2B) refers to expenditure incurred by the assessee in the nature of entertainment. On the facts the Tribunal has arrived at a conclusion that section 37(2B) of the Act is not applicable. Therefore, in the opinion of the court, the question does not arise and, therefore, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y creation of new shares of Rs. 1,000 each. Share certificates against the increased capital will have to be issued in favour of the Government of India against the cost of material and equipments supplied by the Government to the company." On July 23, 1968, the Government of India addressed a letter as under: "In the books of account of Modern Bakeries (India) Ltd., the plant and equipment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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